3231 W Hobson Ave · Mount Morris, MI 48504

$80,000

3 bd · 2.0 ba · 1,080 sqft · SingleFamily · 38 Days on market

Built 2001 0.41 ac lot $74/sqft · 46% above area Est $55k · 46% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +7.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey Opportunity! This beautifully updated and move-in ready Flint home offers an outstanding opportunity for both investors and owner-occupants. Renovations are nearly complete, providing a fully refreshed property with modern finishes and a functional layout designed for comfortable, low-maintenance living. Vacant and ready for immediate occupancy, this home is ideal as a starter home, long-term rental, or a strong addition to any investment portfolio. Located in a high-demand area with convenient access to major roads, shopping, schools, and everyday amenities, the property combines excellent location, strong rental potential, and long-term value. Final renovation touches are being completed, making this a compelling turnkey opportunity in one of Flint’s established residential neighborhoods. Novation: Buyer has equitable interest in the property and is marketing the property with the owner’s authorization in order to locate a new buyer.

Key facts

• Move-in ready
• Fully refreshed
• Modern finishes

Tags

• MOVE-IN READY
• FULLY REFRESHED
• MODERN FINISHES
• FUNCTIONAL LAYOUT
• LOW-MAINTENANCE LIVING
• STRONG RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($980 rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.5% in Mount Morris — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#357 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Westwood Heights Schools (suburban): math 7% / reading 16% proficiency, ranked #704 of 760 in MI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 132 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.85%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (median comp): $54,889
• List price: $80,000
• Delta: 45.75%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3228 W Gracelawn Ave	0.03mi	3/1.0	1,100 (+2%)	12mo	$65,000	$59	81
3289 W Hobson Ave	0.12mi	2/1.0 (-1)	1,170 (+8%)	4mo	$26,600	$23	68
3179 W Hobson Ave	0.09mi	3/1.0	968 (-10%)	12mo	$22,400	$23	65
3218 W Sherman Ave	0.08mi	3/1.0	1,200 (+11%)	12mo	$16,000	$13	64
6310 Valorie Ln	0.61mi	3/1.0	1,040 (-4%)	4mo	$49,900	$48	58
5905 Cloverlawn Dr	0.60mi	3/1.0	983 (-9%)	2mo	$30,000	$31	51
3512 W Sherman Ave	0.55mi	2/1.0 (-1)	1,000 (-7%)	10mo	$40,000	$40	45
3089 W Mott Ave	0.31mi	2/1.0 (-1)	920 (-15%)	14mo	$32,000	$35	41
3484 Sherman Ave	0.51mi	2/1.0 (-1)	1,000 (-7%)	20mo	$74,900	$75	39
1807 W Hobson Ave	0.75mi	3/2.0	935 (-13%)	15mo	$56,000	$60	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,138
• Equity at exit: $11,928

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $19,190
• Equity at exit: $6,917

Cash invested: $22,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48504

• Active inventory: 132
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $980 high
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $221

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 72%

Sensitivity live

Price	-10% $276	-5% $249	+0% $221	+5% $194	+10% $166
Rent	-10% $144	-5% $182	+0% $221	+5% $260	+10% $299
Rate	-1.0pp $261	-0.5pp $242	base $221	+0.5pp $200	+1.0pp $179

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5905 Griggs Dr Flint, MI	3.0	1.0	940	$1,000	$1.06	14d	1	0.77mi
124 Cherry Hl Flint, MI	3.0	2.0	960	$953	$0.99	22d	1	1.04mi
98 Elm Tree Flint, MI	3.0	2.0	960	$953	$0.99	44d	1	1.06mi
5280 Cedar Shores Ct Flint, MI	2.0–3.0	2.0	1150	$1,148	$1.00	14d	6	1.32mi
5813 Edwards Ave Flint, MI	3.0	1.0	1500	$899	$0.60	14d	1	1.34mi
5413 DuPont St Flint, MI	4.0	1.5	1038	$900	$0.87	22d	1	1.41mi

Listing history 23 events

1. 2026-06-18
   days on market $80,000 Active 38 DOM
2. 2026-06-17
   days on market $80,000 Active 37 DOM
3. 2026-06-16
   days on market $80,000 Active 36 DOM
4. 2026-06-15
   days on market $80,000 Active 35 DOM
5. 2026-06-14
   days on market $80,000 Active 33 DOM
6. 2026-06-13
   days on market $80,000 Active 32 DOM
7. 2026-06-10
   days on market $80,000 Active 30 DOM
8. 2026-06-09
   days on market $80,000 Active 29 DOM
9. 2026-06-08
   days on market $80,000 Active 28 DOM
10. 2026-06-07
    days on market $80,000 Active 27 DOM
11. 2026-06-05
    days on market $80,000 Active 24 DOM
12. 2026-06-02
    days on market $80,000 Active 22 DOM
13. 2026-06-01
    days on market $80,000 Active 21 DOM
14. 2026-05-31
    days on market $80,000 Active 20 DOM
15. 2026-05-30
    days on market $80,000 Active 19 DOM
16. 2026-05-11
    listed $80,000 Active 969-char remark

    Show marketing remark (957 chars)

    Turnkey Opportunity! This beautifully updated and move-in ready Flint home offers an outstanding opportunity for both investors and owner-occupants. Renovations are nearly complete, providing a fully refreshed property with modern finishes and a functional layout designed for comfortable, low-maintenance living. Vacant and ready for immediate occupancy, this home is ideal as a starter home, long-term rental, or a strong addition to any investment portfolio. Located in a high-demand area with convenient access to major roads, shopping, schools, and everyday amenities, the property combines excellent location, strong rental potential, and long-term value. Final renovation touches are being completed, making this a compelling turnkey opportunity in one of Flint's established residential neighborhoods. Novation: Buyer has equitable interest in the property and is marketing the property with the owner's authorization in order to locate a new buyer.

17. 2026-05-11
    listed $80,000 Active 957-char remark

    Show marketing remark (957 chars)

    Turnkey Opportunity! This beautifully updated and move-in ready Flint home offers an outstanding opportunity for both investors and owner-occupants. Renovations are nearly complete, providing a fully refreshed property with modern finishes and a functional layout designed for comfortable, low-maintenance living. Vacant and ready for immediate occupancy, this home is ideal as a starter home, long-term rental, or a strong addition to any investment portfolio. Located in a high-demand area with convenient access to major roads, shopping, schools, and everyday amenities, the property combines excellent location, strong rental potential, and long-term value. Final renovation touches are being completed, making this a compelling turnkey opportunity in one of Flint's established residential neighborhoods. Novation: Buyer has equitable interest in the property and is marketing the property with the owner's authorization in order to locate a new buyer.

18. 2023-05-09
    soldstatus $79,000 Sold
19. 2023-05-09
    soldstatus $79,000 Closed
20. 2023-03-21
    status Pending
21. 2023-03-21
    status Pending
22. 2023-02-25
    listed $79,900 Active
23. 2023-02-24
    listed $79,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,757
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$2,327
• Taxable income: $1,468
• Est. tax owed @ 24.0%: −$352
• After-tax cash flow: $2,302/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Westwood Heights Schools
• NCES district ID: 2635970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 16% ▲ 3.00%
• Median HH income: $33,020
• Composite: 12.82/100
• National rank: #14544
• State rank: #704 of 760 in MI

Livability — Mount Morris

• Score: 68/100
• State rank: #357
• US rank: #9095

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,519
• Population (ZIP): 23,873

Population outlook (Genesee County) Hauer SSP2

• Today (2025): 381,312 people
• By 2030: 362,731 · -4.9%
• By 2040: 321,550 · -15.7%
• By 2050: 279,212 · -26.8%
• By 2075: 193,336 · -49.3%
• By 2100: 128,118 · -66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Genesee

• 2024 margin: Toss-up / Even · D 51.4% · R 47.2% · Other 1.4%
• 2008→2024 swing: -28.3pp toward R · 2008: 32.5pp · 2024: 4.2pp
• All cycles: 2024: D+4.2 2020: D+9.3 2016: D+9.5 2012: D+28.2 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.67%
• Current HPI: 94.3111
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+0.1% since first listed

8 events — show timeline

• 2026-05-11 Listed $80,000 REALCOMP
• 2026-05-11 Listed $80,000 MiRealSource-MiMLS
• 2023-05-09 Sold (MLS) $79,000 MiRealSource-MiMLS
• 2023-05-09 Sold (MLS) $79,000 REALCOMP
• 2023-03-21 Pending — MiRealSource-MiMLS
• 2023-03-21 Pending — REALCOMP
• 2023-02-25 Listed $79,900 REALCOMP
• 2023-02-24 Listed $79,900 MiRealSource-MiMLS

Property tax history

+16.4%/yr

Latest (2025): $5,175 · +20.1% YoY. Source: county tax records.